Apple purchases HopStop for $1 billion
As part of its plans to expand its stake in the technology sector, global technology brand, Apple, has purchased an ICT firm owned by a Nigerian- Chinedu Echeruo- for the sum of $1billion.
Although the deal has not been officially announced by the American technology firm, AllThingsDigital, the Wall Street Journal’s publication has compared the purchase of HopStop.Com by Apple to Internet Search Engine brand, Google’s, purchase of Israeli firm, Waze for the same amount.
HopStop.com, a popular mobile application brand in the United States, was established in 2005, and makes mobile applications for both iOS and Android phones that covers over 300 cities that helps people get directions or find nearby subway stations and bus stops.
The move, according to market experts and analysts is seen as Apple’s plan to bolster its map location offering especially given Google’s recent acquisition of Waze.
A serial entrepreneur, Echeruo, grew up in his native South-East region of Nigeria. He had his post-elementary education at Kings College, Lagos, South-West Nigeria and attended Syracuse University and the Harvard Business School, both in the United States. Echeruo established HopStop.com after working for several years in the mergers and acquisitions and leveraged finance groups of J.P Morgan Chase, where he was involved in a broad range of solidifying mergers and acquisitions, financing, and private equity transactions.He also worked at AM Investment Partners, a $500 million volatility-driven convertible bond arbitrage hedge fund.
Echeruo, who also had a working stint at investment banks and hedge funds as an analyst, is now chairman of the Board for the app firm.
He founded and raised nearly $8 million for his two U.S. based Internet companies: Hopstop.com and Tripology.com. Tripology.com was earlier acquired in 2010 by American travel and navigation information company, Rand McNally.
Apple Inc. an American multinational technology company was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne on April 1, 1976 and is headquartered in Cupertino, California. The American firm is solely engrossed with creating innovative designs, developing, and selling consumer electronics, computer software, online services, and personal computers.
Its best-known hardware products are the Mac line of computers, the iPod media player, the iPhone smartphone, the iPad tablet computer, and the Apple Watch smartwatch. Its online services include iCloud, the iTunes Store, and the App Store.
Apple’s consumer software includes the OS X and iOS operating systems, the iTunes media browser, the Safari web browser, and the iLife and iWork creativity and productivity suites.
It was incorporated as Apple Computer, Inc. on January 3, 1977, and was renamed as Apple Inc. on January 9, 2007, to reflect its shifted focus towards consumer electronics.
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